HSBC slashes rates
HSBC launched a home loan campaign yesterday with its rates slashed by between 40 and 56 basis points.
Thursday, April 8th 2010, 3:54PM
The new home loan rates on offer include a six-month fixed term rate which has been cut by 50 basis points to 4.99%. This is the lowest of all currently published rates including variable rates in the market.
It also reduced its one-year rate to 5.49%, its two-year rate to 6.49%, the three-year rate to 7.29% and its four-year rate saw the biggest cut of 56 basis points to 7.69%.
A customer can only qualify for HSBC Premier if they have minimum combined home loans of $500,000. Read more about HSBC's campaign here.
Housing New Zealand Corporation was the other lender to make changes this week, cutting its one-year rate by five basis points to 6.15% and its two and three-year rates by 10 basis points to 7.10% and 7.70% respectively, bringing those rates further below the median for non-bank lenders.
In mortgage rates news Australia's cash rate was hiked by 25 basis points this week, taking the gap between New Zealand and Australian official interest rates to their widest gap ever.
In Expert Views, economists comment on the Quarterly Survey of Business Opinion (QSBO) with BNZ saying as recoveries go, it had elements of a working man's pancake - nutritional enough, but rather flat.
| « NZF re-adjusts high LVR loan structure | SBS makes cuts twice » |
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